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Commodities, led by aluminum, are getting hit after the US Treasury published a guidance on Rusal. It said: "the path for the United States to provide sanctions relief is through divestment and relinquishment of control of Rusal by Oleg Deripaska." It also extended the period during which companies may continue to do trade with Rusal to October 23. Aluminum drops as much as 8% while oil is down more than 1% as the geopolitical risk premium deflates.

Heightened US-China trade frictions and the US tech slump are in the spotlight today. The slide on Wall St has rattled Asian investors, with the Nikkei 225, Hang Seng and Shanghai Composite in retreat. In Australia, a mining sector rally propped up the S&P/ASX200.

The S&P/ASX200 retreated in early trade, thanks to US/China trade friction, and the slide on Wall St on Friday. Oil and gold are bright spots amid the wider gloom. Crude has soared on talk that Iran may be hit with fresh sanctions, and the yellow metal has climbed on robust safe-haven demand.

Asian markets headed higher today, in spite of jitters about the impact of Donald Trump's hefty tariffs on metals. Meanwhile Trump's decision to accept an invitation to meet Nth Korea's Kim Jong-un will impact markets as well. Data watchers will be busy today, with releases due out in Japan, China, Europe and the US.